16.07.2010

Palfinger enters marine crane sector

Palfinger has acquired a 75 percent stake in Dutch company Ned-Deck Marine B.V. (NDM), one of the leading manufacturers of rescue boat davits, a special application for marine cranes.

The company which has its headquarters and a production facility in the Netherlands with another manufacturing facility in Vietnam - is among the world market leading producers of standard davit systems (A-frame davits and life raft davits). The existing management team will all remain in place.
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NDM’s main area of operation is fulfilling the requirements of the UN Convention for the Safety of Life at Sea (SOLAS). The obligatory annual servicing of the safety equipment by the manufacturer or a party certified by the manufacturer makes after-sales services a substantial part of the business.

“Despite a 30 percent decline in the market the revenue generated by NDM in 2009 remained stable. Further growth will also significantly add to the importance of the servicing business of existing equipment,” said Palfinger CEO Herbert Ortner. “In the SOLAS market, certified quality is of top priority.”

“With a staff of around 100, NDM generated revenues of almost €20 million in 2009. The Vietnamese production facility – with its low overheads and proximity to the major target markets such as Japan, Korea, China, and Vietnam - made good contributions.”
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To further expand its ship crane business Palfinger is already planning another acquisition, the marine crane division of Palfinger systems, which is owned by the Palfinger family and has revenues of around €30 million with 150 employees. Due-diligence gets underway this month.

“We have been interested for quite some time in re-integrating the marine crane business into Palfinger as a meaningful and profitable supplement to our strategy”, said Ortner.